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Abu Dhabi will sell its 60% stake in Al Shuweihat shortly after the plant's completion, according to Harris Irfan, v.p. of global corporate finance at Deutsche Bank in Dubai. Speaking at MEED's 5th annual conference on corporate and project finance in the Middle East in London recently, Irfan said Abu Dhabi is likely to sell to the public stakes of other projects as well. The 1,500 MW Al Shuweihat power and water desalination plant is being jointly built by the Abu Dhabi Water & Electricity Authority, International Power and CMS Energy.

The Egyptian government, hard hit by the economic impact of the September 11 attacks, is unlikely to back further BOT projects, despite the success of the Sidi-Krir project, David MacMillan, v.p. and regional director of finance at InterGen told delegates. In earlier deals, such as Sidi-Krir and Cairo North, Egypt's central bank guaranteed dollar payments but is unlikely to be able to do so now.

Following is a directory of ongoing generation asset sales. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. To report new auctions or changes in the status of a sale, please call Will Ainger, managing editor, at (44-20) 7303-1735 or e-mail wainger@euromoneyplc.com. Seller Plants Location MW Plant Type Advisor Status American Electric Power/ Northeastern units 3 & 4 Okla. 300 Coal N/A Reviewing sale strategies. Central and Southwest Corp. Lon C. Hill Texas 546 Gas Nueces Bay Texas 559 Gas Ennis S. Joslin Texas 249 Gas ADWEA Um Al Nar Abu Dhabi 1,100 Gas & Water Desalination CSFB Expected to send out RFPs in December. Central Hudson Gas & Electric Syracuse N.Y. 100 CHP Navigant Final Bids due by late Nov. Beaver falls N.Y. 100 CHP Niagara falls N.Y. 52 Coal CMS Energy Loy Yang Melbourne, Australia 2,000 Coal Not chosen Announced intention to sell. DPL All plants Ohio 3,500 N/A Morgan Stanley Edison Mission Fiddler's Ferry U.K. 1,440 Coal Goldman Sachs Examining possible sale. Ferrybridge U.K. 1,900 Coal Endesa Alto Elsa Spain 329 (for all three) Hydro J.P. Morgan Expects to sell the assets by year-end. Pico Spain 329 (for all three) Hydro Navia Spain 329 (for all three) Hydro Garona (50% stake) Spain 466 Hydro trillo (1% stake) Spain 1,066 Hydro Algeciras Spain 324 Gas Puertollano Spain 221 Gas Cercs Spain 160 Gas Escucha Spain 160 Gas Escatron Spain 160 Gas Enel Eurogen Italy 7,008 Various - Having sold Elettrogen it will sell one of two Interpower Italy 2,611 Various - other generation portfolios shortly. IVO Energy Brigg U.K. 240 Gas BNP Paribas Preparing information memo. South Humber U.K. 1,240 Gas Grangemouth*** U.K. 130 Gas Edenderry Ireland 120 Peat Independent Energy Various U.K. 130 N/A KPMG KPMG is handling the asset sale after Independent Energy went into receivership. MARCOR Remediation - Calif. 5.7 Wood - - (A broker acting for an undisclosed seller) Niagara Mohawk Power Nine Mile Point 1 N.Y. 1,614 Nuclear N/A Awaiting bids. Nine Mile Point 2 N.Y. 1,140 Nuclear N/A North Atlantic Energy Seabrook* N.H. 408 Nuclear N/A Must be sold by Dec. 2003. Oman (Ministry of Housing, Rusail Oman 730 Gas - - Electricity & Water) Ghubratt Oman 507 CHP Wad Al-Jazzi Oman 350 Gas Ontario Power Generation Lennox Ontario 2,140 Oil, gas Merrill Lynch & Expects to sell Lennox and Lakeview shortly. Lakeview Ontario 1,140 Coal Scotia Capital- Atikokan Ontario 215 Coal Thunder Bay Ontario 310 Coal Mississagi River Ontario 490 Hydro Pacific Gas & Electric 68 Plants Calif. 3,800 Hydro Morgan Stanley Awaiting PUC approval. Expect sale to close shortly. Powergen Powergen CHP Ltd. U.K. 600 CHP Dresdner Hopes to sell business by year-end. Public Service Co. of New Merrimack N.H. 475.8 Coal J.P. Morgan Subject to approval for rate settlement by PUC Hampshire (Northeast Utilities) Newington N.H. 415 Oil/gas and state legislature. Schiller N.H. 146.6 Oil/gas Lost Nation N.H. 19.1 Diesel Merrimack N.H. 42.2 Diesel Schiller N.H. 18 Diesel Public Service Co. of New White Lake N.H. 23 Diesel Subject to approval for rate settlement by PUC Hampshire (Northeast Utilities) Amoskeag N.H. 17.5 Hydro and state legislature. Ayers Island N.H. 9.1 Hydro . Canaan Vt. 1.1 Hydro Eastman Falls N.H. 6.5 Hydro Garvins Falls N.H. 12.1 Hydro Gorham N.H. 2.1 Hydro Hoolsett N.H. 1.95 Hydro Jackman N.H. 3.55 Hydro Smith N.H. 14.2 Hydro ScottishPower Hazelwood Victoria, Australia 1,600 Coal CSFB Final bids due this summer. TXU Lake Creek Texas 323 Gas Merrill Lynch Reviewing sales strategy. Tradinghouse Texas 1,340 River Crest Texas 110 Mountain Creek Texas 893 Parkdale Texas 327 North Main Texas 123 Monticello Texas 1,900 Coal Merrill Lynch Is looking to sell an undisclosed number of its Martin Lake Texas 2,250 coal assets. Big Brown Texas 1,150 Sandow Texas 545 TXU Europe West Burton U.K. 2,012 Coal Morgan Stanley It sold one plant, to International Power and two to Centrica. High Marnham U.K. 945 Coal Ironbridge U.K. 970 Coal Drakelow U.K. 976 Coal Wisconsin Energy Bridgeport Conn. 1,100 (combined) - - Has put up for sale following collaspe New Haven Conn. 1,100 (combined) of NRG deal. * North Atlantic Energy owns 34.8% of Seabrook *** Fortum owns 75% of Grangemouth. Mitsubishi owns the remainder.

Following is a directory of upcoming Middle Eastern power projects. To report new projects, please call Will Ainger, Managing Editor, at (44-20) 7303-1735 or email: wainger@euromoneyplc.com

Bonds Issue Date Maturity Issuer Country Industry Bookrunner(s) Principal Amount ($ mil) Offer Price Type of Security Coupon (%) Moody's Rating S&P Rating 10/11/01 02/15/11 Calpine Corp United States Electric Service CSFB 850.0 99.821 Senior Notes 8.500 Baa3 BB+ 10/11/01 05/30/19 Calpine Corp United States Electric Service CSFB 200.0 100.000 Sec Lease Ob Bd 9.825 Baa3 BB+ 10/11/01 05/30/12 Calpine Corp United States Electric Service CSFB 454.5 100.000 Sec Lease Ob Bd 8.400 Baa3 BB+ 10/11/01 10/15/07 Calpine Canada Energy Finance Canada Oil/Gas Pipeline TD-SECURITIES 127.7 99.180 Senior Notes 8.750 - - 10/11/01 10/15/06 Northeast Generation Co United States Electric Service SALOMON-SMITH 120.0 100.000 Sr Sec Bonds 4.998 Baa2 BBB- 10/11/01 10/15/26 Northeast Generation Co United States Electric Service SALOMON-SMITH 320.0 100.000 Sr Sec Bonds 8.812 Baa2 BBB- 10/11/01 04/20/21 RWE Finance B.V Netherlands Electric Service DEUTSCHE-BANK/BARCCG (JB)/ML-I(JB) 326.4 101.753 Fxd/Straight Bd 6.500 Aa3 AA- 10/11/01 04/20/16 RWE Finance B.V Netherlands Electric Service DEUTSCHE-BANK/DRES-KLEIN-WASS (JB)/MERRILL(JB) 136.6 102.223 Fxd/Straight Bd 6.250 Aa3 AA- 10/12/01 07/05/26 Elwood Energy LLC United States Electric Service CS-FB 402.0 100.000 Sr Sec Bonds 8.159 Baa3 BBB- 10/12/01 10/12/06 Empresas Emel SA(PP&L Global) Chile Electric Service NOT-AVAILABLE 77.8 Market Bonds Serial - AA 10/12/01 10/12/22 Empresas Emel SA(PP&L Global) Chile Electric Service NOT-AVAILABLE 66.6 Market Bonds Serial - AA 10/12/01 09/15/03 Nevada Power(Sierra Pac Res) United States Electric Service LEH 60.0 100.296 Notes 6.000 Baa2 BBB- 10/12/01 10/15/03 Nevada Power(Sierra Pac Res) United States Electric Service LEH 140.0 100.000 Float Rate Nts Floats Baa2 BBB- 10/12/01 10/15/31 Vectren Utility Holdings Inc United States Gas Distribution MERRILL 100.0 100.000 PINES 7.250 A2 A- 10/12/01 10/17/11 WGL Holdings Inc United States Gas Distribution SALOMON-SMITH 7.0 100.000 Medium-Term Nts 6.050 Aa2 AA- 10/16/01 11/02/12 Centrica PLC United Kingdom Electric Service HSBC-UK/RBS (JB) 579.2 98.593 Fxd/Straight Bd 5.875 A2 A 10/16/01 . Dominion CNG Capital Trust I United States Electric Service SALOMON-SMITH/FIRST-UNION-SEC (JB) 200.0 25.000 Trust Pfd Sec's - baa1 BBB- 10/16/01 10/16/03 CA La Electricidad de Caracas Venezuela Electric Service NOT-AVAILABLE 16.1 Market Flt Rt Obligat Varies - - 10/16/01 11/01/11 PPL Energy Supply United States Electric Service BARCLAYS /MORGAN-STANLEY 500.0 99.087 Notes 6.400 Baa1 BBB 10/17/01 11/08/05 Vivendi Environnement France Water Supply CDC-IXIS-CMJB)/NATEXISBK(JB)( 454.2 99.865 Fxd/Straight Bd 4.250 A3 BBB+ M&A Date Announced Date Effective Target Name Target Country Acquiror Name Acquiror Advisors Acquiror Country Value of Deal ($mil) 10/11/01 10/11/01 Cahua Peru NRG Energy Inc - United States 12.3 10/11/01 - Contact Energy Ltd New Zealand Edison Mission Energy(Edison) Macquarie Bank United States 460.073 10/11/01 10/11/01 Phu My 3 Power Co Vietnam SembCorp Utilities Pte Ltd - Singapore 38.0 10/11/01 - Williams Cos Inc-Natural Gas United States Enbridge Inc - Canada 50.0 10/12/01 - Great Northern Paper-Hydroelec United States Great Lakes Power Inc(Brascan) - Canada 156.5 10/12/01 10/12/01 Katterno Finland Herrfors AV - Finland - 10/12/01 10/12/01 Vieska Energia Oy Finland Herrfors AV - Finland 22.95 10/16/01 10/16/01 Camuzzi Gazometri SpA Italy Ente Nazionale per l'Energia Lazard Italy 394.246 10/16/01 10/16/01 Novosibirsk Energo Russian Fed Promtekhinvest - Russian Fed - 10/16/01 - Rybnik Power Plant(Poland) Poland Investor Group - France 51.4 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Bankers and power company executives gathered at One Whitehall Place in London last week for MEED's 5th annual conference on corporate and project finance in the Middle East. Executive editor Victor Kremer reports.

Non-recourse bonds and Islamic financing could become more widely used as sponsors look to arrange funding for the 100,000 MW of generation capacity required in the Middle East over the next 10 years, Shibeer Ahmed, partner at Lovells, said. With over $25 billion of Middle East project loans--across all sectors--closed in the last five years, pricing on power projects in the region was more competitive than rates in the U.S. prior to the Sept. 11 terrorist attacks. Despite spreads on commercial bank loans widening dramatically since the attacks, the Middle East market is still attractive, particularly for project bonds, Ahmed noted, adding that the region has never experienced a debt crisis.

Keynote speaker James Rubin, a former state department spokesman in the Clinton administration, presented a mixed view of the outlook for the Middle East and its relationship with the West following the Sept. 11 terrorist attacks. "We are never going to convince the Arab world that our policy makes sense," he told delegates, regarding sanctions against Iraq. Rubin also slammed the idea that Osama bin Laden-sponsored attacks on the U.S. are on behalf of the Palestinians. He noted that the U.S. embassies in Kenya and Tanzania were bombed in 1998 when the U.S. was at the height of its popularity with the Palestinian Authority for putting pressure on the Israeli government of the day to negotiate. "The people of the Palestinian Authority would come out in the street and cheer the Americans," he recalled.

Saudi Arabia's electricity market, the largest in the Middle East, requires an investment of SAR340 billion ($90 billion) to meet Ministry of Industry and Electricity targets of raising installed generation to 60,000 MW from 23,000 MW by 2023. Demand for electricity in the kingdom is growing at 4% per year, Christopher Dann of management consulting firm Arthur D. Little, Inc., said. Saudi Arabia's 75 power plants--including combined power and desalination projects--produce 23 GW, he noted, adding "current peak load this summer was just shy of that."

* "I don't see the chemistry between [Israeli Prime Minister Ariel] Sharon and [Palestinian Authority Chairman Yasser] Arafat yielding anything other than a peace process, rather than real peace."--James Rubin, former state department spokesman, commenting on the Arab-Israeli conflict.